ThyssenKrupp picks Alabama for $4.2 billion steel mill

LauraMandaro

SAN FRANCISCO (MarketWatch) -- German steelmaker ThyssenKrupp AG
TKA, -2.12%TYEKF, +1.23%
said Friday it had chosen Mount Vernon, Alabama as the future site of a $4.2 billion steel mill, to be opened in 2010 and employ 2,700. Louisiana had also been vying for investment, which the ThyssenKrupp estimates will generate at least 38,000 jobs indirectly in the region over the next two decades. The announcement continues a trend of manufacturers, particularly steel-hungry automakers, opening new facilities in southern states such as Alabama. ThyssenKrupp said its new steel mill in Brazil will supply steel slabs to the plant, which will process 4.1 million metric tons of flat carbon steel products a year.

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